The CBO has a new report predicting huge deficits, a slow economic recovery, and a $75 billion cost overrun on President Obama’s stimulus package.
From Stephen Dinan at the Washington Times:
The CBO now says the stimulus package, passed by Congress last February, will cost $862 billion over 10 years because of the added unemployment-related costs. The program had originally been estimated to cost $787 billion when Mr. Obama signed it in February…Already, the deficit for fiscal year 2010, which began in October, is likely to reach $1.3 trillion — the second largest deficit on record, behind 2009’s final $1.4 trillion.
And Democrats are taking a page out of David Plouffe’s playbook: Blame the other guy.
House Democratic leaders said a report by the Congressional Budget Office (CBO) showing a $1.35 trillion deficit in 2010 was the result of policies put in place by President George W. Bush and Republicans in Congress…”90 percent of the projected deficit is due to the cost of the Bush economic collapse and Bush policies like his unpaid for tax cuts for the wealthy,” said House Democratic Caucus Chairman John Larson (Conn.)…
For the record, those tax cuts, which expire next year, cost less than next year’s projected deficit, and that’s over their entire ten-year lifetime.
